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Hyderabad Public Duped by Ponzi Scheme

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Hyderabad: Bushra Begum and her husband Sirajur Rahman, both teachers at the Islamic Universal Research Center at Malakpet, Hyderabad, duped several investors mostly women in the name of giving halal profits. The duo convinced the people saying that they had a gold business in Dubai where high returns were guaranteed. They offered to give people double the amount they invested and 3% monthly profit (interest).
For a few months she paid the investors regularly, but she stopped paying the monthly returns. She then informed her investors that she had deposited the money in Heera Gold, which is closed now with the founder CEO, Nowhera Sheikh in jail. Soon, word spread and the women started visiting her house to get back for their deposits. And unable to provide convincing answers to the investors, the couple locked their house and fled. No one was able to contact them on their phones. Nearly 11 women have filed complaints with the police at Saidabad police station against Bushra Begum. Each woman is said to have invested more than 5 lakhs. Bushra Begum has duped more than 50 women amounting to nearly 9 crores. She and her husband ran an office where they had a few employees who have also not been paid their salaries.
The women have complained that Bushra Begum and her family were leading a luxurious life, with each person in the house owning a vehicle and she was allegedly distributing expensive items to her family members. All these things were bought from our money, claimed the women.’And now Bushra Begum says she invested the money in Heera Gold, how is it possible when NowheraSheikh is in jail?’ ask the women. Bushra Begum started her business after the arrest of Nowhera Sheikh.
The police have registered the complaints and made 2 FIRs for cheating, and are investigating the matter and trying to trace the absconding couple who had earned a good reputation as Islamic teachers in the Universal Islamic Research Center. And this is precisely why the people believed in them because they were imparting high morals and values of Islam. ‘How could they dupe, let alone lie?’ asked a woman named Asiya in the press interview.The police have said they will also verify whether Bushra Begum had invested in the Heera Gold business.
(Extracted from twocircles.net)